KUALA LUMPUR — September 4, 2015: Prasarana Malaysia, the government-owned urban public transport operator, has appointed Malaysian Resources Corporation Berhad and George Kent (M) Berhad as project delivery partners (PDPs) for the Light Rail Transit line 3 (LRT3).
The project is expected to cost about RM9 billion, not including land acquisition cost.
“The project is expected to be completed by August 31, 2020. It will serve over two million commuters along the alignment and it will connect Bandar Utama, Damansara and Johan Setia in Klang by 2025,” Prasarana managing director Datuk Azmi Abdul Aziz he told reporters here today.
Prasarana will finance the project via the issuance of sukuk, of which the coupon rate would be decided later.
Azmi several financial institutions are keen to fund the project.
“Local financial institutions are very excited to participate,” he said, adding that the idea now was for the PDPs to start work immediately and get approval for the design characteristics.
This December the company will invite contractors to participate for pre-qualification.
“We are also looking at ensuring that all stakeholders are behind us and support us for this project to be fully implemented.
“We have been working on the structure of the project and we believe that we can start construction work early next year,” he said.
Asked whether Prasarana expected the weakening of the ringgit to slow down the project, Azmi said it would not as the ringgit could likely strengthen with the efforts made by the Special Economic Committee to boost growth.
He also said the project would not be affected by short-term currency movements. — Bernama